New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We estimate there is a 70% chance that Contact Energy (CEN)'s takeover of Manawa Energy (MNW) will be approved, up from 50%.</li><li>Our increased confidence comes from analysis of the issues the Commerce Commission (ComCom) is likely to focus on, Industry Code provisions providing protection against anticompetitive practises, and some of the political heat coming off the sector, with the recent Government Policy Statement generally supportive of the wholesale electricity market.</li><li>With MNW's takeover price closely linked to CEN's value, we lift our target price +7% to NZ$6.42 and our positive view of both CEN and MNW drives our OUTPERFORM rating. </li></ul>

We estimate there is a 70% chance that Contact Energy (CEN)'s takeover of Manawa Energy (MNW) will be approved, up from 50%.Our increased confidence comes from analysis of the issues the Commerce Commission (ComCom) is likely to focus on, Industry Code provisions providing protection against anticompetitive practises, and some of the political heat coming off the sector, with the recent Government Policy Statement generally supportive of the wholesale electricity market.With MNW's takeover price closely linked to CEN's value, we lift our target price +7% to NZ$6.42 and our positive view of both CEN and MNW drives our OUTPERFORM rating. 

Manawa Energy - Clearance Confidence Climbing

Manawa Energy Ltd

Manawa Energy - Clearance Confidence Climbing